A local car dealer offers a customer a 2-year car loan of $15,000 using "add-on" interest. As follows: Money to pay for the car: $15,000 Two years interest at 8%: 2 times 0.08 times 15,000: $2, 400 Total: $17, 400 24 monthly payments 17, 400/24 = $725.00 The first payment must be made in 30 days. What are the nominal and effective annual interest rates Nominal Interest Rate = 14.68%, Effective Interest Rate = 15.71% Nominal Interest Rate = 1.22%, Effective Interest Rate: = 1.30% Nominal Interest Rate = 12.92%, Effective Interest Rate = 13.72% 0 Nominal Interest Rate = 15.71%, Effective Interest Rate = 14.68%